Washington, D.C.   - As the weakened housing market continues to threaten the financial stability of millions of American homeowners, the U.S. House of Representatives advanced bipartisan legislation, H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008, to bolster the housing sector and further stimulate the economy. In response, U.S. Rep. Phil English (R-Pa.), a senior member on the House Ways and Means Committee, release the following statement:

“Our economy is facing a real and substantial crisis and our real estate markets are a major source of instability.  Although this legislation is an expensive and imperfect response to the problems facing our real estate sector, I felt it was the best compromise of getting something through the Congress.

“Reluctantly, I supported this legislation because Congress must act now to shore-up tottering real estate markets and give federal policymakers the tools they need to protect the credit of homeowners across America.”

H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008 passed the House floor today by a vote of 272 to 152.

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